Millennials – People born between the 1980s and circa 1997. This is today’s mainstream consumer generation, and arguably the hardest to reach in marketing. But is it really as difficult as we think? With the analysis below, we will provide you with the information to attract and convert sales in the Millennial male audience. This generation is different and harder to reach than other customers because of the way they approach new products.
- Millennial men have more ways of getting information than other generations
- Millennial men earn less than Boomers
- Millennial men shop more than previous generations
- Millennial men use social media information to make purchasing decisions
- Millennial men also like to live virtual
- Millennial men have high brand standards
- Millennial men spend a lot of time online
- Conclusion
1. Millennial men have more ways of getting information than other generations
The growing up and maturing stage of millennials is accompanied by the outstanding development of the internet
Unlike the previous generation, Millennials are used to accessing a wealth of information from technology tools, so marketers have to transform from an informant to a product or service advisor. service.
The way marketers approach Boomers and Gen X when they’re in their 20s and 30s won’t work for Millennials when they know everything with just one click on Google. The best way is to show them the real product experience, application and intangible values that they cannot find with internet tools.
2. Millennial Men Make Less Than Boomers
They earn 20% less than previous Boomer dads who earned at the same stage in life despite being more educated. When compared to their parents, some Millennials earn only slightly more with a college degree than Boomers without a degree.
According to statistics, millennials with college degrees have more debt in the form of student loans than Boomers of the same age.
- Millennials have a slower salary growth rate than Gen Xers and Boomers.
- Millennials often don’t buy homes, but rent homes for several years and live in multi-generational homes.
In 2016, one in three Millennials lived in multigenerational households, more than any other generation. Men between the ages of 25 and 34 tend to live with more generations than women of the same age. By contrast, in 1980, when the Boomers were in their 20s and 30s, only 12% of them lived in multigenerational homes.
Even so, Millennials have better budget planning abilities than Gen Xers and Boomers. They invest mainly in their passions, limiting their resources to things they don’t want. For some Millennials, after receiving a raise, they immediately reduce their daily living expenses and travel expenses. Or rent a house instead of going to buy, or use Grab every day instead of having to spend a lot of money to buy a car. They use the money they save to discover unnecessary passions and hobbies.
In 2017, Millennials accounted for the majority of travel and shopping, although their income was statistically lower than previous generations.
According to Charles Schwab, 34% of Millennials plan their own finances, compared to 21% of Gen Xers and 18% of Boomers.
This shows that the Millennials they will research and plan for the products and services they spend money to own.
3. Millennial men shop more than previous generations
Millennial men are willing to spend more money for a quality product that will last longer than a cheaper but poor quality product.
66% of Millennial dads prefer products that are good for the family. People in the younger generation buy clothes more often than in the previous generation. They also tend to apply new technology to every day activities. Millennial men direct their spending on homes, appliances, and electronics, and tend to shop alone.
4. Millennial men use social media information to make purchasing decisions.
According to Nielson Newswire, about 70% of Millennial men use Blogs, news websites and social networks to make purchasing decisions. 45% often use search to find information on everything from the best products for babies to the best city to live in. They seek advice from professionals instead of taking advice from family.
Millennial fathers directly take care of their children, shop, and do housework.
They spend 28% of their time researching information about fatherhood and 60% think that the information online really helps them.
And of course, this is a good opportunity for brands that want to exploit new markets when most of the brands’ goals are about mothers. Many Millennial dads feel they don’t have enough products and brands for them.
According to a daily study of Millennial consumers by Elite: Facebook, Instagram and Pinterest have the biggest influence on Millennials’ spending habits. Building relationships with influential influencers on those social networking sites will be an opportunity to reach Millennials.
5. Millennial men also like to live virtual.
Accordingly, not only women are the object of virtual life, but millennial men also love to be complimented and share their good sides on social networks. They are less “secret”, preferring to express their personal egos more than the previous generation.
36% of Millennials between the ages of 18 and 34 prefer “virtual living” on social media and they are also the most “virtual” generation, twice as much as Gen Xers and 7 times more than Boomers. This can be said that Millennials tend to “love” themselves on social media sites.
6. Millennial men have high brand standards.
Millennials set higher standards for brands than previous generations. They require from the first stages of service, the sales process to receiving the product. Just like millennial women, they tend to be attracted to brands that work for the community.
Research by Elite Daily found that 62% of Millennials show more loyalty to brands that engage with customers on social media. In general, Millennials are more loyal to brands than Gen Xers and Boomers, partly depending on the level of transparency and reputable information of the brand on social networks.
7. Millennial men spend a lot of time online
According to Nielsen.com:
- Men aged 18 to 34 make up 30% of the TV market
- Millennial men spend an average of 23 hours per week watching TV
- 88% of Millennial Men spend an average of 11 hours a week listening to the radio
- 38% of Millennial Men use Twitter
Conclusion:
Insights – the tacit truths of millennials come from improved living conditions, a generation with early exposure to technology and more choices than previous generations. This greatly influences their purchasing decision. They are less affected by advertising. Millennial men focus on brand quality and buy products based on curated information, expert opinions and buying experience. In addition, you can refer to the insight as well as the behavior of women of this generation, especially Millennial mothers ( here ) to have a closer look at the Millenial generation.
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